Voluntary Petition Sample Clauses
A Voluntary Petition clause defines the process by which a debtor initiates bankruptcy proceedings by filing a petition with the appropriate court. This clause typically outlines who is authorized to file such a petition, the necessary documentation required, and any conditions or limitations on filing. Its core practical function is to establish a clear and orderly method for a debtor to seek bankruptcy protection, thereby providing a structured approach to addressing insolvency and protecting both debtor and creditor interests.
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Voluntary Petition. To the extent permitted by law, neither the ------------------ Transferor nor CompuCom will file a petition to commence a voluntary case under the U.S. Bankruptcy Code (Title 11 USC) in any court of appropriate jurisdiction within the Tenth Circuit of the United States.
Voluntary Petition. The Party shall (i) commence a voluntary case under the Federal bankruptcy laws (as now or hereafter in effect), (ii) file a petition seeking to take advantage of any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under such bankruptcy laws or other laws, (iv) apply for, or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of a substantial part of its assets, domestic or foreign, (v) admit in writing its inability to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate action for the purpose of effecting any of the foregoing; or Involuntary Proceeding. A case or other proceeding shall be commenced against the Party in any court of competent jurisdiction seeking (i) relief under the Federal bankruptcy laws (as now or hereafter in effect) or under any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts, or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of the Party, or of all or any substantial part of the assets, domestic or foreign, of the Party and such case or proceeding shall continue undismissed or unstayed for a period of sixty (60) calendar days, or an order granting the relief requested in such case or proceeding against the Party (including, but not limited to, an order for relief under such Federal bankruptcy laws) shall be entered; At the non-defaulting Party’s discretion, in the event of a material breach by one of the Parties of any or all of its obligations under the Agreement, and the defaulting Party fails to cure the breach within 30 (thirty) days after receipt of written notice requesting the defaulting Party to cure such breach.
Voluntary Petition. The Company shall (i) commence a voluntary case under Canadian Federal bankruptcy laws (as now or hereafter in effect), (ii) file a petition seeking to take advantage of any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under such bankruptcy laws or other laws, (iv) apply for, or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of a substantial part of its assets, domestic or foreign, (v) admit in writing its inability to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate action for the purpose of effecting any of the foregoing; or
Voluntary Petition. The Seller will not cause the Buyer to file a voluntary petition under the Bankruptcy Code or Insolvency Laws.
Voluntary Petition. Borrower shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other similar relief with respect to itself or its debts or other liabilities under any federal or state bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it under any federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or shall make a general assignment for the benefit of its creditors.
Voluntary Petition. The filing by the Lessee of a voluntary petition in bankruptcy under the United States Code or any assignment for benefit of creditors of all or any part of the Lessee’s assets;
Voluntary Petition. Contractor or a Member files a voluntary petition for relief under any bankruptcy, insolvency, or similar law. Insolvency or Bankruptcy (Involuntary Petition). An involuntary petition is brought against Contractor or a Member under any bankruptcy, insolvency, or similar law which remains undismissed or unstayed for ninety (90) Days. Failure to Maintain Performance Bond. Contractor fails to furnish a replacement performance bond or a continuation certificate of the existing performance bond not less than ninety (90) Days before expiration of the performance bond, as required by Section 10.03, or fails to maintain all required insurance coverages in force. Failure to Maintain Coverage. Contractor fails to provide or maintain in full force the workers’ compensation, insurance coverage required by Section 10.02, or indemnification coverage as required by this Agreement. Failure to Provide Assurance. Contractor fails to provide reasonable assurance of performance when requested by the Authority under this Agreement. False, Misleading, or Inaccurate Statements. A representation or warranty contained in Article 3 proves to be false or misleading in a material respect as of the date such representation or warranty was made. Contractor or a Member makes any other material misrepresentation to the Authority in discharging any of its obligations under this Agreement. Additionally, a Contractor Default occurs if any Contractor-provided report contains a misstatement, misrepresentation, data manipulation, or an omission of fact or content explicitly defined by the Agreement, excepting non-numerical typographical and grammatical errors. Fraud or Deceit. Contractor or Member practices, or attempts to practice, any fraud or deceit upon the Authority.
Voluntary Petition. If Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian (or other similar official) of Borrower or for any substantial part of its property, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action in furtherance of any of the foregoing.